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Regional Spotlight: Greater Triangle Region’s May 2010 Closed Sales Up 26 Percent Over Same Period Last Year

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RISMEDIA, June 22, 2010—The Triangle Multiple Listing Service, Inc. announced that there were 2,083 closed home sales in May 2010 for Durham, Johnston, Orange and Wake counties, up 26% over the same period 12 months earlier, an impressive figure given that the federal tax credit stimulus ended April 30. The average sales price of a re-sale in the four-county market was up compared to May 2009 as well, at $222,800, an increase of 3%.

According to the organization, there are 14,101 active listings within the four main counties, an increase of 7% compared to May 2009 inventory levels. New home listings stand at 2,590, a decrease of 21% over new home inventory levels 12 months ago. There are 11,511 re-sale listings, an increase of 16% compared to May 2009 re-sale inventory levels.

Other figures for May include 2,953 new listings entered into the system during the month, which represents a 33% decrease compared to new listings entered into the system during May 2009. Listings where the status was changed from active to withdrawn increased by 2%, and listings where the status was changed from active to expired decreased by 1%, both compared to 12 months ago.

There were 53,105 showings within the four-county market areas during the month, a 30% decrease over the same period in 2009. There were 1,716 listings taken off the market during the month with a status changed to pending, contingent or closed, a decrease of 6% compared to May 2009.

The current supply of all housing within the four main counties is 7 months based upon closings last month, as compared to 8 months in May 2009.

Individual counties had the following activity in May (percentage change figures stated are compared to 2009):

Wake – Closings were up 29.7%, and the median sales price was up 2.3%. The median number of days on the market was 99, and the median sales price/list price ratio was 97.3%.

Durham – Closings were up 14.8%, and the median sales price was off 1.8%. The median number of days on the market was 87, and the median sales price/list price ratio was 97.0%.

Orange – Closings were up 17.3%, and the median sales price was up 11.6%. The median number of days on the market was 106, and the median sales price/list price ratio was 96.6 %.

Johnston – Closings were up 36.1%, and the median sales price was up 16.2%. The median number of days on the market was 117, and the median sales price/list price ratio was 97.1%.

For more information, visit www.TriangleMLS.com.

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